Gas Prices Continue To Surge

PHILADELPHIA (CBS) – Gas prices continue to surge and it looks like there’s no end in sight.

The US Energy Information Administration is predicting that we’ll be paying more than $3.50 for a gallon of gas this summer and perhaps even four bucks by September.

Analysts say most of the demand is being driven by speculators betting on higher prices as the economy continues to improve.

There’s been the usual grumbling from consumers, but no organized outrage.

Dr. Richard Michelfelder, an associate professor of finance at Rutgers-Camden, says that may be due to the fact that this run-up seems to have snuck up on us.

“The last time it was a shock because it was very quick. It went from a $1.50 a gallon to $2.50 to $3.50 very quickly, where as this time it’s been much slower,” Michelfelder explained.

Gasoline isn’t the only commodity. As crude oil prices continue to rise, Michelfelder says inflation becomes a concern.

Reported By: Paul Kurtz, KYW Newsradio

More from Paul Kurtz

One Comment

  1. Thor Von Guffstason says:

    I hope I’m still around the day this planet has switched over 100% to electric cars. The Arabs,energy companies, speculators scratching their heads figuring out what to do with their oil wells ,oil fields, and infrasructure. The higher the better imo, time to get serious about alternate uses of energy.

  2. Tom McGraw says:

    Maybe it snuk up on us this time because the media no longer has a target in the White House… We are all aware of the connections with Pres. Bush’s family and the oil industry and many blamed those connections for the rise in price last time. Maybe the media needs to point a finger at the oval office again, due to the shutdown of oil platforms in the gulf??? A move that is not helping the oil supply…

  3. urbandipasquale says:

    if the ecoidiots would get off our backs ,,,permit drilling in the gulf ,anwar ,continental shelf,,,,,stop opposing permits for nuclear power,refineriies,coal mining ,,,,these are the people who are truly pulling this country down

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